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Thursday, April 25, 2019
ExxonMobil added to its acreage in Africa, picking up approximately 7 million acres offshore Namibia. The company increased its holdings in the country with the signing of an agreement with Namcor and the government for blocks 1710 and 1810 and farm-in agreements with Namcor for blocks 1711 and 1811A.
The blocks extend from the shoreline to about 135 miles offshore Namibia in water depths ranging up to 13,000 ft. In a statement the company said that it plans to begin exploration activities this year, including acquisition of seismic data analysis.
ExxonMobil will operate blocks 1710 and 1810 with a 90% interest, Namcor will hold the remaining 10%. The company will assign a 5% interest to a local Namibian company. It will be the operator of blocks 1711 and 1811A with an 85% interest with Namcor holding the remaining 15%
In addition to this acquisition, ExxonMobil holds a 40% interest in PEL 82 offshore the country.
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